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IGCSEEconomicsCambridge (CIE)Flashcards2. The Allocation of Resources2.1 Microeconomics & Macroeconomics

2.1 Microeconomics & Macroeconomics (Cambridge (CIE) IGCSE Economics)

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  • Define the term microeconomics.

    Microeconomics is the study of individual markets, rather than the economy as a whole.

  • What is macroeconomics?

    Macroeconomics is the study of economic behaviour and decision making in the entire economy, rather than just an individual market.

  • What are multinational corporations (MNCs)?

    Multinational corporations (MNCs) have manufacturing facilities in multiple countries.

  • True or False?

    Microeconomics examines the role of the government in achieving economic growth and human development.

    False.

    Macroeconomics examines the role of the government in achieving economic growth and human development.

  • Define the term fiscal policy.

    Fiscal policy refers to the government's use of taxation and spending to influence the economy.

  • What does the term monetary policy mean?

    Monetary policy refers to the actions taken by the central bank to influence the money supply and interest rates in an economy.

  • True or False?

    Microeconomics examines the different choices individuals, households, and firms make.

    True.

    Microeconomics examines the different choices individuals, households, and firms make.

  • State two examples of what is studied in macroeconomics.

    Macroeconomics includes the study of any of the following two:

    • Price levels (inflation)

    • Unemployment

    • Total demand in an economy

    • Total supply in an economy

  • True or False?

    Consumer behaviour is part of the study of microeconomics

    False.

    Consumer behaviour influences both firms and the national economy, so it is part of both microeconomics and macroeconomics

Previous:1.4 Production Possibility CurvesNext:2.2 The Role of Markets in Allocating Resources

    1. Topic 1

      1.1 The Nature of the Economic Problem

    2. Topic 2

      1.2 The Factors of Production

    3. Topic 3

      1.3 Opportunity Cost

    4. Topic 4

      1.4 Production Possibility Curves

    1. Topic 1

      2.1 Microeconomics & Macroeconomics

    2. Topic 2

      2.2 The Role of Markets in Allocating Resources

    3. Topic 3

      2.3 Demand

    4. Topic 4

      2.4 Supply

    5. Topic 5

      2.5 Price Determination

    6. Topic 6

      2.6 Price Changes

    7. Topic 7

      2.7 Price Elasticity of Demand (PED)

    8. Topic 8

      2.8 Price Elasticity of Supply (PES)

    9. Topic 9

      2.9 Market Economic System

    10. Topic 10

      2.10 Market Failure

    11. Topic 11

      2.11 Mixed Economic System

    1. Topic 1

      3.1 Money & Banking

    2. Topic 2

      3.2 Households

    3. Topic 3

      3.3. Workers

    4. Topic 4

      3.4 Trade Unions

    5. Topic 5

      3.5 Firms

    6. Topic 6

      3.6 Firms & Production

    7. Topic 7

      3.7 Firms’ Costs, Revenue & Objectives

    8. Topic 8

      3.8 Market Structure

    1. Topic 1

      4.1 The Role of Government

    2. Topic 2

      4.2 The Macroeconomic Aims of Government

    3. Topic 3

      4.3 Fiscal Policy

    4. Topic 4

      4.4 Monetary Policy

    5. Topic 5

      4.5 Supply-side Policy

    6. Topic 6

      4.6 Economic Growth

    7. Topic 7

      4.7 Employment & Unemployment

    8. Topic 8

      4.8 Inflation & Deflation

    1. Topic 1

      5.1 Living Standards

    2. Topic 2

      5.2 Poverty

    3. Topic 3

      5.3 Population

    4. Topic 4

      5.4 Differences in Economic Development

    1. Topic 1

      6.1 International Specialisation

    2. Topic 2

      6.2 Globalisation, Free Trade & Protection

    3. Topic 3

      6.3 Foreign Exchange Rates

    4. Topic 4

      6.4 Current Account of Balance of Payments